Luxempart (LXMPR) H1 2023 earnings summary

Executive summary

• Net asset value (NAV) reached €2,232.6m as of June 30, 2023, up 2.3% from year-end 2022, with a 4.1% total return including dividends.

• Strong investment activity with €183.3m deployed in direct investments and €60.9m in investment funds during H1 2023.

• Portfolio streamlining continued, reducing listed holdings and focusing on larger, more concentrated direct investments.

• Two major new direct investments: Kestrel Vision (€112m, 27.9% stake) and Coutot-Roehrig (€48.5m, 35.8% stake).

• Portfolio companies showed 8% EBITDA growth year-over-year, driven by organic growth and acquisitions.

Financial highlights

• Net profit for H1 2023 was €89.2m, a significant turnaround from a €55.4m loss in H1 2022.

• Dividend income totaled €33.0m; net gains on financial assets were €63.3m.

• Equity per share increased to €110.67 from €108.28 at year-end 2022.

• Cash position at June 30, 2023 was €37.6m, down from €180.8m at year-end, reflecting high investment activity.

• Dividend of €1.98 per share paid in May 2023, totaling €39.9m.

Outlook and guidance

• Management expects to complete at least one more direct investment in H2 2023 and continue supporting portfolio companies in acquisitions.

• Strong pipeline of opportunities and ample liquidity to finance further investments.